Pyxis Tankers Inc., an international maritime transportation company focused on the product tanker sector, announced that on June 16, 2021, it received a notification letter from the Nasdaq Stock Market (“Nasdaq”), stating that, for a period of 30 consecutive business days, the Company’s common shares closed below the minimum bid price of $1.00 per share, as required for continued listing on Nasdaq (the “Minimum Bid Price Requirement”). The Company has until December 13, 2021 (the “Compliance Period”) to regain compliance with the Minimum Bid Price Requirement.
The Company can cure this deficiency if the closing bid price of its common shares is $1.00 per share or higher for at least ten consecutive business days during the Compliance Period. The Company intends to regain compliance with the minimum bid price requirement within the Compliance Period and is considering all available options, including a reverse stock split. During this time, the Company's common shares will continue to be listed and traded on the Nasdaq Capital Market, and this notice will have no effect on the operations of the Company’s business. If the Company does not regain compliance during the Compliance Period, it may be eligible for an additional 180 calendar day compliance period. If the Nasdaq staff concludes that the Company will not be able to cure the deficiency or if the Company is otherwise not eligible, the Company's common shares will be subject to delisting by Nasdaq.
